Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors is pleased to announce the closing of a first mortgage loan in the amount of $4,500,000 secured by a 6-story elevator apartment building located on Bay Ridge Parkway in Brooklyn, NY. The non-recourse loan was written for a 12-year term based on a 30-year amortization schedule. The interest rate was fixed at 3.625% for years 1-7 and will be reset in year 8 for the last 5-years of the loan term. The loan was a par loan.

The property is located in Bay Ridge, Brooklyn, an established, highly sought-after section of the Borough of Brooklyn. The building is owned and managed by a prominent New York owner who has been in the real estate business for many decades. The building is consistently fully occupied. Jeanne Cronin placed the loan with a major New York savings bank. The lender was represented by the law firm of Lynch & Associates. The Borrower was represented by Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP.